| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 55th | Fair |
| Amenities | 30th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 550 Executive Center Dr, West Palm Beach, FL, 33401, US |
| Region / Metro | West Palm Beach |
| Year of Construction | 2004 |
| Units | 44 |
| Transaction Date | 2003-05-30 |
| Transaction Price | $1,593,500 |
| Buyer | LAKESIDE COMMONS PRESERVATION LTD |
| Seller | LAKESIDE COMMONS LTD |
550 Executive Center Dr, West Palm Beach Multifamily Investment
Positioned in an inner-suburban pocket with strong renter demand and dining/grocery density, this 2004-built asset offers competitive leasing appeal, according to WDSuite s CRE market data. A high neighborhood renter concentration supports tenant depth, while amenity access helps underpin occupancy stability in varying cycles.
The property sits in an Inner Suburb neighborhood of West Palm Beach rated B and ranked 146 of 319 metro neighborhoods. Amenity access is competitive among West Palm Beach Boca Raton Boynton Beach neighborhoods, with restaurants and cafes in the top quartile nationally and groceries similarly strong. Limited nearby parks, pharmacies, and childcare options suggest residents rely on broader area access for those needs.
From an investor lens, neighborhood rents benchmark in the upper range nationally, and five-year rent growth has been positive, supporting revenue potential. Neighborhood occupancy has improved over the past five years, though it remains variable versus national benchmarks; thoughtful leasing and renewal strategies can help capture stability.
Within a 3-mile radius, population and households have grown in recent years, with projections indicating further household expansion and smaller average household sizes. This points to a larger tenant base and sustained depth for multifamily demand. A majority of housing units within this radius are renter-occupied, reinforcing near-term leasing prospects and day-one demand for workforce and market-rate units.
Relative to the metro, the neighborhood s average construction year skews older than 2004, so a 2004 vintage generally competes well against older stock while still warranting standard capital planning for aging systems and contemporary finishes as needed. These local dynamics align with investor interest in durable occupancy supported by service and retail accessibility.
Safety indicators are mixed when compared across geographies. At the metro level, the neighborhood ranks 274 out of 319 neighborhoods for crime, indicating below-metro-average safety. Nationally, the area sits around the 35th percentile for overall safety better than some urban submarkets but below the national median. Investors should underwrite operational practices accordingly.
Recent trends are nuanced: estimated property offenses declined year over year, while estimated violent offenses rose over the same period. Both measures remain within ranges common to inner-suburban locations. Framing this comparatively, the neighborhood does not screen as top-quartile nationally, but recent reductions in property offenses suggest some improvement momentum that should be weighed alongside the uptick in violent incident estimates.
Proximity to a mix of financial services, foodservice distribution, energy, office supplies, healthcare administration, and automotive retail employers supports a broad workforce tenant base and commute convenience for residents.
- Siegel Financial Group - Northwestern Mutual financial services (0.7 miles)
- Sysco Southeast Florida foodservice distribution (3.9 miles)
- NextEra Energy energy (10.2 miles) HQ
- Office Depot office supplies (21.4 miles) HQ
- Tenet Healthcare Corporation, Florida Region healthcare administration (30.9 miles)
- AutoNation automotive retail (41.0 miles) HQ
This 44-unit asset, built in 2004, offers a competitive position against an area where the average building vintage trends older. That relative youth can reduce near-term CapEx compared with 1980s-era stock, while still warranting targeted upgrades for systems and finishes over the hold. Demand fundamentals are supported by a high neighborhood renter concentration and strong food and grocery amenity access; within a 3-mile radius, recent and projected household growth points to renter pool expansion and supports occupancy stability. According to CRE market data from WDSuite, neighborhood rents track in the upper range nationally, with five-year growth momentum that underpins revenue potential.
Underwriting should account for affordability pressure and safety variability. Rent-to-income metrics screen as tight relative to national benchmarks, which may heighten retention risk without careful lease management. Safety ranks below the metro median, though property crime estimates have recently eased. Overall, the thesis centers on durable renter demand, competitive vintage versus local stock, and amenities-driven leasing, balanced by prudent assumptions around collections, renewals, and Opex.
- 2004 vintage competes well versus older neighborhood stock, with targeted modernization opportunities
- Renter depth supported by majority renter-occupied housing within 3 miles and projected household growth
- Strong dining, cafe, and grocery access supports leasing and resident retention
- Rents benchmark in the upper range nationally, with positive five-year growth momentum (WDSuite data)
- Risks: affordability pressure (rent-to-income), safety below metro median assume conservative renewals and Opex